Is now the time to rebalance your portfolio?

Taking the time to rebalance your portfolio will ensure that your investment goals are still on track. Before you start planning those holiday events, you should meet with your financial advisor to review and adjust your portfolio for maximum performance.

Even if you're feeling fine, you still visit the doctor now and then to make sure everything is OK. Let's be honest: Your portfolio deserves the same level of care.

Investors are often told to rebalance their portfolios, but they aren't necessarily sure when or why to do it. Stacy Francis, president and CEO of Francis Financial, suggests rebalancing your portfolio at least once a year.

To make sure you're still on target with your investment goals, check your portfolio and pay close attention to the following:

•Your asset allocation—Does it still match your tolerance for risk?

•Your investment concentration—Do you have too much invested in a particular sector, industry or company?

For medium-risk investors, your portfolio most likely will be comprised equally of 50 percent stocks and 50 percent bonds. If you are a riskier investor, your portfolio might shift more heavily toward stocks (potentially 70 percent) and less toward bonds. However, if you are risk-intolerant or conservative, your portfolio should be more weighted toward bonds (potentially 70 percent) than stocks. There is no "right" mix. Instead, the balance of stocks and bonds depends on your individual needs and risk level.

Here's a key thing for the average investor to know: Avoid market timing and focus on investing for the long run.

Although it seems appealing to time the market and play the highs and lows, it is often a loser's game. You will have better results if you stick with your investments and make slight adjustments as your needs change.

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